Business Bulletin Weekly 18 April 2023
We discuss stories from many industries today. Rajasthan wants to become a centre for IT, and Sudha Murthy of Infosys makes Rs. 68.17 crore annually. India, Japan, and France come together in response to Sri Lanka's debt issue to assist economic growth. Thanks to foreign capital, Dalal Street's market capitalization rises by Rs. 12.56 lakh crore. Finally, Delhi-based Euler Motors, a start-up in the electric car business, changes its organisational structure as it grows. Watch this space for more business and financial news.
"Ready for Rajasthan to Become an IT Hub, Jaipur's New Avatar for Self-Reliant India!"
Representatives of the Modi government revealed that they are promoting a startup culture for a self-reliant India, resulting in the establishment of 90,000 startups in the country within 9 years. They emphasized the goal of making Rajasthan the first IT hub of the nation, but emphasized that the state government's support is crucial. To meet the growing needs of the IT industry and entrepreneurship, an incubation facility has been launched by STPI in Sitapura Industrial Area, Jaipur. This initiative will aid Rajasthan in becoming an electronics manufacturing hub.
Narayana Murthy's daughter, who is also the wife of the British Prime Minister, stands to earn Rs. 68.17 crore from Infosys.
Akshata Murty, the daughter of Infosys co-founder Narayana Murthy, stands to earn Rs. 68.17 crore in dividend income from her shareholding in India's second-largest IT company. Infosys has declared a dividend of Rs. 17.50 per share for FY23 (April 2022 to March 2023). If Akshata retains her shareholding until the record date of June 2nd, she will receive the aforementioned amount. In the previous fiscal year, Infosys paid a dividend of Rs. 31 per share, resulting in Akshata earning Rs. 120.76 crore. Akshata is married to Rishi Sunak, the British Prime Minister, and her non-domiciled status, allowing her to not pay taxes for 15 years on income earned outside the UK, remains a contentious issue.
India, Japan, and France Unite to Address Sri Lanka's Debt Crisis
India, Japan, and France have jointly launched a platform to discuss Sri Lanka's debt restructuring program, aiming for multilateral cooperation and economic recovery. Sri Lanka is facing its largest economic crisis, with the IMF initiating a $2.9 billion bailout program. Representatives from the three creditor nations emphasized transparency, equality, and collaboration in debt restructuring discussions. Japanese Finance Minister Shunichi Suzuki expressed hope for China's participation, given its significant creditor status in Sri Lanka. Sri Lankan President Ranil Wickremesinghe committed to engaging with creditors and stakeholders transparently. This collaborative initiative signifies a positive step toward addressing Sri Lanka's debt crisis.
Dalal Street's 7-Day Glimpse: Market Cap Soars by Rs. 12.56 Lakh Crore, Supported by Foreign Funds
Amidst continuous market fluctuations, equity investors have earned a staggering profit of Rs. 12.56 lakh crore in just 7 days. The market is buzzing with optimism due to foreign fund inflows and stable foreign trends, reflecting a positive outlook for the future. The BSE benchmark Sensex has witnessed a remarkable surge of 2,544 points or 4.41% in this period, reaching 38,981.63 points. This rally has propelled the market capitalization of BSE-listed companies from Rs. 12,56,510.59 crore to Rs. 2,64,51,069.93 crore in these 7 days.
"Euler Motors Implements Workforce Restructuring, Laying Off 180-200 Employees"
Delhi-based electric vehicle start-up Euler Motors has made the decision to lay off around 180-200 employees as part of its restructuring efforts. The company stated that this move is aimed at meeting investor expectations for greater efficiency in the current global circumstances. Approximately 10% of the company's workforce will be affected by the layoffs. Euler Motors has expressed gratitude for the contributions made by the affected employees and assured them of receiving appropriate severance packages. The company remains committed to its growth and maintaining a strong product order book.